AMIC – 10 years of quality and professionalism

During 10 years of work on the homebuilding market, the Chisinau Municipal Mortgage Agency (AMIC) has won the most valuable thing – the esteem and respect of the investing dweller, the Agency’s director general Petru Pripa said at a festivity marking the anniversary on July 2. Founded in 1999, AMIC set as its major goal to solve the dwelling problem faced by the families with average and even modest income by implementing new mechanisms in the homebuilding sector, including mortgage lending. According to the manager, the Agency is the first economic entity in Moldova that introduced the notion of mortgage in the economic life. At the beginning, those that wanted to purchase an apartment paid 45% of its price, while the rest of the sum after receiving the apartment, during 10 years. The interest was 8% a year. Later, the company worked out new methods of paying for the apartment so as to ease the burden of the buyers. The initial installment was reduced, to even 20-30% in some cases. The repayment terms were raised to 15-20 years. Another accomplishment of AMIC and a convenient solution for the beneficiaries is the “Mortgage” deposit account offered in concert with a Moldovan bank since April 2004. Under the conditions of the account, the persons that want to build an apartment can collect the initial payment during 6 months to 5 years, Petru Pripa said. He also said that the Agency aimed to solve the dwelling problem for the young families, families with average or even modest income, persons working in education, healthcare and culture. “We offered them conditions that did not exist on the housing market at that moment – payment by installments, long-term credits with rather low interest, and smaller apartments at lower prices that could be paid by these groups of people.” Petru Pripa said that AMIC managed to achieve its goals and fulfill its obligations under any conditions as it has good specialists. “We measure the results achieved by the relations established with the participants in the home building process – dweller – entrepreneur – supplier - rather than by square meters or the number of apartments built. But the dweller is always on the first place.” Given the economic crisis, AMIC promotes a rational policy to direct the financial potential to buildings whose construction is close to an end so as to put them in commission in due time and observe the private contracts. The Agency promoted and continues to promote a rational policy aimed at reducing the prices of new apartments so as to meet the interests of the two parties. It also helps its clients obtain more advantageous loans. The same anti-crisis measures enabled the Agency to recently complete the construction works on several new blocks in two Residential Complexes in Chisinau: in Telecentru area and in Ciocana district. A number of 153 apartments in houses located on 38/1 Drumul Viilor Street were put in commission in December 2008. This February, dwellers moved to two new blocks with 99 apartments located on Mircea cel Batran Blvd. “Thus, AMIC fulfilled all its commitments. Those that invested money received the apartments they wanted.” The difficulties encountered by the construction sector owing to the crisis can be overcome, says Petru Pripa. The necessary measures were submitted to the Ministry of Construction and Territorial Development by the Employers Federation of Builders, Road Workers and Building Material Producers “Condrumat”, of which AMIC is a member. The measures are to be implemented. The major aim of these measures is to obtain an international long-term credit line guaranteed by the Government of Moldova with an interest rate of 6-8% yearly so that the people that need dwellings could take out home loans from any authorized bank. Similar measures are taken in practically all the countries affected by the crisis. During 10 years, the Chisinau Municipal Mortgage Agency had constructed 39 buildings with 2,316 apartments, providing better living conditions for about 3,400 families.